Revenue earnings increase by 16%

The revenue earnings in the recently concluded 2021-22 fiscal year witnessed 16 per cent growth compared to the previous fiscal year.

National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem unveiled the data at a press conference at the NBR conference room in the capital on Sunday.

He said the NBR collected a total of Tk 3,01,633 crore in the recently concluded fiscal year against a Tk 3,30,000 crore target.

He also stressed on practicing a fully automated revenue system to boost the national revenue earnings and said that they are working on simplifying the taxes system and adopting the automation system so that taxpayers can submit their return easily without facing any hassles.

“We have adopted several strategies including promoting the automated taxes system to meet the current fiscal year’s revenue target of Tk 3,70,000 crore,” he added.

“In the ongoing fiscal year, we have cut the corporate tax rate, besides offering tax facilities to several businesses aimed at promoting our economy,” Muneem said.

He also shared his concern about the rising fuel price when asked about the issue.

“Currently the import duty on fuel is around 34 per cent and we have yet to receive any instruction from the government regarding the duty exemption,” he added.

According to the data of NBR, revenue earning has a shortfall of Tk 28,362 crore compared to the target in the fiscal year 2021-2022.

Tk 1,08,418 crore revenue was earned from the value-added tax wing of the NBR against the target of Tk 1,28,873 crore.

Tk 1,03,791 crore from income tax wing of the NBR against the target of Tk 1,05,470 crore and Tk 89,424 crore from customs wing against the target of Tk 96,000 crore.